Fuel Nears ₦1,500: Labour, Experts Demand Urgent Relief Measures

Fuel Price Surge Sparks Nationwide Call for Relief

Petrol Nears ₦1,500 Amid Global Tensions

RISING petrol prices, now approaching ₦1,500 per litre, have triggered widespread concern among labour unions, manufacturers, economists, and civil society groups, who are urging the Federal Government to take urgent steps to cushion the impact on Nigerians.

The surge, largely driven by escalating tensions in the Middle East and disruptions in global oil supply chains, has intensified inflationary pressures, raising transport fares, food prices, and production costs across sectors.

Stakeholders warn that without immediate intervention, the situation could deepen hardship for households and threaten the survival of small and medium-sized enterprises (SMEs).

Labour Demands Immediate Government Action

The Nigeria Labour Congress has called for swift and strategic measures to stabilise the economy.

Its Acting General Secretary, Benson Upah, said Nigeria’s vulnerability to external shocks reflects a lack of preparedness, particularly the absence of strategic petroleum reserves.

He urged the government to prioritise the supply of crude oil in naira to local refineries, including the Dangote Refinery, as a short-term solution, while developing long-term buffers to absorb global price shocks.

Similarly, NLC President Joe Ajaero warned that rising fuel costs are already choking workers and worsening living conditions.

Push for Subsidy, Refinery Revival

The Nigeria Union of Petroleum and Natural Gas Workers advocated the reintroduction of temporary fuel subsidies to ease the burden on citizens.

Its President, Williams Akporeha, said the government must provide relief, especially after benefiting from subsidy removal savings.

Labour leaders also renewed calls for the rehabilitation of state-owned refineries in Port Harcourt, Warri, and Kaduna to reduce reliance on imports and stabilise local supply.

Economists Warn of Economic Fallout

Economic experts say the fuel price surge is compounding Nigeria’s structural challenges.

Muda Yusuf of the Centre for the Promotion of Private Enterprise (CPPE) noted that rising energy costs are increasing operational expenses, weakening consumer demand, and creating uncertainty for businesses.

He highlighted that Nigeria’s poor electricity supply forces heavy reliance on generators, costing the economy trillions of naira annually.

Yusuf called for urgent reforms in power supply, renewable energy adoption, and domestic refining capacity to reduce dependence on fossil fuels.

Businesses Struggle Under Mounting Costs

The impact on businesses—especially SMEs—has been severe.

Femi Egbesola of the Association of Small Business Owners of Nigeria said many enterprises are facing declining sales, shrinking profit margins, and, in some cases, closure.

Manufacturers also warn that sustained cost increases could further drive inflation and weaken industrial output.

Government Signals Global Role

Minister of Information Mohammed Idris said Nigeria is prepared to boost global oil supply to stabilise markets.

He highlighted ongoing economic reforms under Bola Tinubu, including international engagements aimed at strengthening economic ties.

Transport Sector Pushes Energy Alternatives

Transport operators are advocating a shift toward cheaper energy options such as compressed natural gas (CNG).

Industry leaders say expanding CNG infrastructure and vehicle conversion programmes could significantly reduce transport costs and dependence on petrol.

A Race Against Time

With global oil prices rising and domestic vulnerabilities exposed, stakeholders agree that swift, coordinated action is critical.

Failure to act, they warn, could push more Nigerians into poverty and weaken the country’s economic stability.